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PIEDMONT REPORTS SECOND QUARTER RESULTS

 PIEDMONT REPORTS SECOND QUARTER RESULTS
 CHARLOTTE, N.C., May 22 /PRNewswire/ -- At its regular quarterly


meeting held here today, Piedmont Natural Gas Company's (NYSE: PNY) Board of Directors reported financial results for its three- and six- month periods ended April 30, 1992. The Charlotte-based natural gas and propane distributor reported second quarter net income 31 percent higher and earnings per share 16 percent higher than for the same period a year earlier. The quarterly increase was achieved in a period during which the weather was 13 percent colder than in the year-earlier period, although 9 percent warmer than normal.
 General rate increases for natural gas service that were granted in 1991 by the regulatory commissions in the three states served by the Company materially affected quarterly earnings. These increases are fully in effect for the 1992 fiscal year.
 A second factor in producing increased earnings was the number of new customers added by the Company during the year. The Company added 25,000 new residential and commercial natural gas customers and over 6,000 new propane customers in fiscal 1991, a natural gas utility growth rate four times the industry average.
 The Weather Normalization Adjustment (WNA) formulas approved by the regulatory commissions in North Carolina and Tennessee and initiated in November 1991 also assisted in partially offsetting abnormally warm weather during the period. A WNA was also approved in South Carolina to become effective in December 1992.
 Summary of Operations
 Three Months Ended April 30 1992 1991 Pct. Increase
 (Decrease)
 Margin
 (Revenues Less Cost of Gas) $70,058,000 $59,534,000 17.7
 Net Income $19,963,000 $15,251,000 30.9
 Operating Revenues $150,945,000 $141,812,000 6.4
 Weighted Average
 Shares Outstanding:
 Primary 12,622,000 11,215,000 12.5
 Fully Diluted 12,724,000 11,469,000 10.9
 Earnings Per Share
 of Common Stock:
 Primary $1.58 $1.36 16.2
 Fully Diluted $1.57 $1.33 18.0
 Gas Delivered-Dekatherms 37,082,000 33,254,000 11.5
 Percent Normal Degree Days 91pct. 78pct. 13
 Six Months Ended April 30 1992 1991 Pct. Increase
 (Decrease)
 Margin
 (Revenues less Cost of Gas) $145,543,000 $121,543,000 19.7
 Net Income $ 44,434,000 $ 32,413,000 37.1
 Operating Revenues $323,806,000 $297,793,000 8.7
 Weighted Average
 Shares Outstanding:
 Primary 12,502,000 10,978,000 13.9
 Fully Diluted 12,644,000 11,297,000 11.9
 Earnings Per Share
 of Common Stock:
 Primary $3.55 $2.95 20.3
 Fully Diluted $3.52 $2.88 22.2
 Gas Delivered-Dekatherms 74,901,000 67,753,000 10.6
 Percent Normal Degree Days 89pct. 81pct. 8
 Dividend Declared
 At the meeting of the Board of Directors held today, the Board declared a quarterly dividend on Common Stock of 46 cents per share. The dividend is payable July 15, 1992, to holders of record at the close of business on June 24, 1992.
 -0- 5/22/92
 /CONTACT: Stephen D. Conner, Piedmont Natural Gas Company, 704-364-3486 ext. 205, or 704-364-0526 (home)/
 (PNY) CO: Piedmont Natural Gas Company ST: North Carolina IN: UTI SU: ERN


JZ-CM -- CH003 -- 3252 05/22/92 11:07 EDT
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Publication:PR Newswire
Date:May 22, 1992
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